Financial Data and Key Metrics Changes - The company is focused on increasing return on tangible common equity towards 15% while managing expenses and investments carefully [48][59] - The stress capital buffer increased by 90 basis points, raising concerns about the company's risk profile despite no perceived increase in risk [11] Business Line Data and Key Metrics Changes - The retail deposit franchise is being revitalized with a focus on primary checking account growth and improved customer relationships [19][23] - The company is seeing early impacts in checking account growth, debit spend, and active mobile users as it shifts focus towards customer-centric strategies [24] Market Data and Key Metrics Changes - There is a noted lack of loan demand in the banking system, which is affecting overall growth despite a stable loan-to-deposit ratio [60][67] - The competitive environment is intensifying as banks seek to grow their loan portfolios, leading to more aggressive pricing strategies [68] Company Strategy and Development Direction - The company is transitioning from an inward focus on risk management to a more outward focus on growth and customer service [13][18] - Investments are being made in technology and infrastructure to enhance operational efficiency and customer experience, including significant spending on cyber security and core platform upgrades [32][36] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a period of macroeconomic uncertainty but remains optimistic about consumer and corporate spending resilience [3][4] - The company is preparing for potential regulatory changes that could lift the asset cap, allowing for more growth opportunities [40][44] Other Important Information - The company has successfully addressed most of the regulatory orders it faced, with only two remaining, which is expected to enhance its operational flexibility [40][42] - The focus on AI and technology is seen as transformative, with efforts to improve efficiency and customer service through automation and data analysis [37][38] Q&A Session Summary Question: What are the avenues for growth in the consumer deposit side? - The company is focused on rebuilding its retail system from the ground up, emphasizing primary checking account growth and improving customer satisfaction scores [20][22] Question: What are the biggest opportunities for growth among various business lines? - Management believes all business lines should grow faster than current rates, with particular caution in home lending and auto businesses [26][27] Question: How does the company plan to balance investments and returns? - The company aims to reduce expenses while increasing investments in high-return areas, ensuring that growth does not compromise profitability [49][50] Question: What is the outlook for loan growth given the current environment? - Loan growth is constrained by demand rather than the asset cap, with management hopeful for increased demand as economic conditions improve [61][63]

制造业回归的现实挑战 富国银行称，当前美国制造业就业人数为1280万，较1979年1950万的历史峰值有显著差距。要实现这一 历史水平的就业规模，美国需要创造约670万个新工作岗位，这一数字几乎相当于美国劳工统计局公布 的4月份失业总人数（720万）。而要实现这一目标，预计需要至少2.9万亿美元的资本投入。 美国制造业需要至少2.9万亿美元的投资，才能达到1979年的就业水平。 当地时间5月24日，美国总统特朗普签署文件，宣布5月18日至5月24日为"世界贸易周"，称将加倍努 力"打击不公平的贸易行为"。他称，制定所谓的"对等关税"是为了"阻止美国制造业空心化"，并将相关 工作带回美国。 近日，特朗普还威胁苹果和三星，如果不将生产制造转移至美国，将对其征收25%的关税，新关税可能 从"6月底开始"。 但富国银行的新报告表示，美国制造业需要至少2.9万亿美元的投资，才能达到1979年的就业水平。居 高不下的劳动力成本、合格技术工人的短缺，以及受低生育率和移民政策收紧影响的人口增长放缓等都 会阻碍制造业回归。 牛津经济研究院高级经济学家帕莱什（Nico Palesch）则对第一财经记者表示，通货膨胀、供应链脆弱 ...

智通财经5月23日电，富国银行援引EPFR数据称，美国股票市场在最新一周流出18亿美元，日本股票流 出40亿美元 ；黄金市场资金净流出29亿美元，为自2013年4月以来最大单周流出，也是有史以来第三大 单周流出。 ...

随着特朗普政府可能放松加密货币监管，美国最大银行集团正秘密筹划发行联合稳定币，以抵御加密行 业日益激烈的竞争。 根据《华尔街日报》5月22日报道，摩根大通、美国银行、花旗集团、富国银行等美国顶级金融机构正 在探讨发行联合稳定币（joint stablecoin）的可能性。这些讨论涉及由这些银行共同拥有的企业，包括 运营点对点支付系统Zelle的Early Warning Services和实时支付网络Clearing House。 消息人士透露： 这些银行正准备应对稳定币在特朗普总统领导下可能被广泛采用的情况，这可能会分流它们 处理的存款和交易，特别是如果大型科技公司或零售商也参与其中。 银行联盟的讨论仍处于早期概念阶段，可能存在变动。 美国稳定币立法取得进展 此前华尔街见闻文章提到，美国正在审议GENIUS法案，该法案为稳定币的监管框架提供了清晰的指 引。稳定币监管法案现已准备在美国参议院展开辩论，两党议员希望尽快推动通过，最快可能在本周内 完成。 这意味着稳定币发行的监管框架正在逐步成型，有望为银行和非银行金融机构的合作提供法律保障。 此外，特朗普政府为加密货币领域释放出了友好的监管态度。今年3月，特朗普 ...

Ryan M. Nash, CFA +1(212)902-8963 | ryan.nash@gs.com Goldman Sachs & Co. LLC Americas Diversified Financials 1Q25 mutual fund and hedge fund Financials positioning analysis We assess Financials sector mutual fund and hedge fund positioning, using 13F data from the GS equity strategy team's reports (Mutual Fundamentals and Hedge Fund Trend Monitor). Mutual funds (MFs) decrease exposure to Financials in aggregate, with Financials seeing the biggest QoQ decrease in 1Q25 of any sector in the S&P 500, Financials ...

Group 1 - Major U.S. banks are considering a joint venture to create a dollar-pegged stablecoin to compete with the cryptocurrency sector [1][2] - The banks involved include JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, with discussions in early stages involving Early Warning Services and the Clearing House [2][3] - The decision to move forward with the stablecoin will depend on legislative actions and market demand, as the banking industry prepares for potential widespread adoption [3][4] Group 2 - The potential joint venture coincides with the Senate's progress on the GENIUS Act, which aims to establish a regulatory framework for stablecoin issuers [4] - The SEC has clarified that certain stablecoins, especially those pegged to the U.S. dollar and backed by low-risk assets, are not classified as securities [5]

金十数据5月23日讯，据华尔街日报报道，美国几家大投行正在探索是否联合发行一种联合稳定币，此 举旨在抵御来自加密货币行业不断升级的竞争。消息人士称，到目前为止，对话涉及的公司包括摩根大 通、美国银行、花旗集团、富国银行。讨论还处于早期的概念阶段，可能会发生变化。任何最终决定都 将取决于围绕稳定币的立法行动的命运，以及其他因素，比如银行是否发现对稳定币有足够的需求。投 行一直在为稳定币在特朗普总统任期内被广泛采用的可能性做准备，稳定币可能会吸走投行处理的存款 和交易，尤其是如果大型科技公司或零售商参与进来的话。在两年前的监管打击之后，银行业在加密领 域正处于追赶模式。 美国几家投行探索发行联合稳定币 ...

Core Viewpoint - Dillard's has filed a lawsuit against Wells Fargo, claiming breach of a co-branded credit card agreement, resulting in significant financial losses for Dillard's [1][2]. Group 1: Lawsuit Details - Dillard's alleges that Wells Fargo's actions led to a loss of tens of millions of dollars due to the termination of their co-branded credit card relationship [1]. - The complaint states that Wells Fargo became an "unwilling and incapable partner" after regulatory issues arose, effectively abandoning the co-branded card market without notifying Dillard's [2]. Group 2: New Partnerships - In January 2024, Dillard's announced new credit card agreements with Citi and Mastercard, where Citi would acquire existing Dillard's credit card accounts and Mastercard would be the exclusive payment network for Dillard's co-branded cards [3]. - Dillard's President emphasized the importance of providing premium credit services to customers and expressed confidence in the new partnerships [4]. Group 3: Wells Fargo's Regulatory Challenges - Wells Fargo has faced ongoing regulatory issues since the "fake accounts" scandal in 2016, including an asset cap imposed by the Federal Reserve in 2018 [4]. - In April, Wells Fargo reported that the CFPB terminated a consent order related to its compliance risk management program, indicating progress in regulatory compliance [5].

Core Viewpoint - Wells Fargo (WFC) and PNC Financial (PNC) are major banking stocks facing challenges and opportunities influenced by interest rate dynamics, loan growth trends, and consumer spending, with both experiencing significant stock declines due to market reactions to new tariff implementations [1][2] Group 1: Strategic Focus - PNC Financial is pursuing an aggressive growth strategy, including the acquisition of Aqueduct Capital Group to enhance fund placement capabilities and a partnership with Plaid for secure financial data sharing [3][4] - Wells Fargo is focusing on strengthening risk management and compliance infrastructure, with optimism surrounding the potential lifting of the asset cap imposed after the fake account scandal [5][6] Group 2: Branch Strategies - PNC is expanding its branch network with a $1.5 billion investment to open over 200 new branches in high-growth U.S. cities, aiming to significantly boost its scale and presence [8] - Wells Fargo is optimizing its existing branch locations, having upgraded 730 branches in 2024 and planning to enhance all branches over the next five years, focusing on technology and customer experience [9] Group 3: Capital Distribution - Both companies have strong capital distribution programs, with PNC increasing its quarterly dividend by 3.2% to $1.60 per share and Wells Fargo raising its dividend by 14% to $0.40 per share [12] - PNC has a share repurchase program with authority to repurchase up to 40.5 million shares, while Wells Fargo has a $30 billion repurchase program with authority for $3.8 billion [14] Group 4: Performance and Valuation - In the past three months, Wells Fargo shares declined by 2.7%, while PNC shares fell by 4.9%, against an industry increase of 1.6% [18] - Wells Fargo's trailing P/E ratio is 12.30X, while PNC's is 11.19X, indicating PNC is less expensive compared to Wells Fargo [21] Group 5: Earnings Estimates - The Zacks Consensus Estimate for Wells Fargo's 2025 sales and EPS indicates increases of 1.5% and 5.6%, respectively, while PNC's estimates show increases of 5.7% and 8.9% [24][27] - PNC's EPS estimates for 2025 and 2026 have been revised upward, contrasting with Wells Fargo's lower EPS estimates for 2025 [24][28] Group 6: Analyst Sentiment - PNC is viewed as better positioned for long-term opportunities due to superior earnings growth projections, aggressive branch expansion, and a stronger dividend yield [29]

Company Performance - Wells Fargo's stock closed at $75.52, reflecting a decrease of -0.71% from the previous trading session, underperforming compared to the S&P 500's loss of 0.39% [1] - The stock has increased by 18.83% over the past month, outperforming the Finance sector's gain of 9.56% and the S&P 500's gain of 13.07% [1] Earnings Estimates - Wells Fargo is expected to report earnings of $1.42 per share on July 14, 2025, indicating a year-over-year growth of 6.77% [2] - The projected revenue for the same quarter is $20.95 billion, reflecting a 1.25% increase from the previous year [2] - For the annual period, earnings are anticipated to be $5.83 per share and revenue is expected to reach $83.5 billion, representing increases of +8.57% and +1.47%, respectively [3] Analyst Sentiment - Recent changes in analyst estimates for Wells Fargo suggest a positive outlook, indicating analysts' confidence in the company's performance and profit potential [3] - The Zacks Rank system currently rates Wells Fargo at 3 (Hold), with a recent 0.46% decline in the Zacks Consensus EPS estimate [5] Valuation Metrics - Wells Fargo has a Forward P/E ratio of 13.05, which is lower than the industry average of 15.25 [6] - The company has a PEG ratio of 1.25, aligning with the average PEG ratio of the Financial - Investment Bank industry [6] Industry Context - The Financial - Investment Bank industry is currently ranked 197 in the Zacks Industry Rank, placing it in the bottom 21% of over 250 industries [7] - The Zacks Industry Rank indicates that top-rated industries tend to outperform lower-rated ones by a factor of 2 to 1 [7]